The Denver Broncos have reached a deal with John Elway that will make the Hall of Fame quarterback the team's executive vice president, ESPN's Adam Schefter reports.

Mike Klis of The Denver Post wrote this morning that Elway's title with the team is the same one that Mike Shanahan had above his head coaching title, and that Elway will be the top decision-maker on the football operation side of the team's Dove Valley headquarters.

"If and when we reach an agreement with John Elway, Pat (Bowlen) is very confident that John's intelligence, his leadership, business savvy, his knowledge of the game, and competitive fire — plus the respect that everyone in this building will have for him — will make us better right away," Broncos chief operating officer Joe Ellis told Klis last week.

Upon his hiring, the first order of business for the two-time Super Bowl winning quarterback will be to hire a permanent head coach.

Interim head coach Eric Studesville is expected to interview for the position, but Schefter adds that Elway,a Stanford alum, may seek to bring current Stanford head coach Jim Harbaugh to Denver.